Bitso Launches Debit Card with MasterCard in Mexico
It is reported that Bitso, the leading Latin American cryptocurrency exchange, has launched a debit card in Mexico in cooperation with MasterCard. After the ex…
It is reported that Bitso, the leading Latin American cryptocurrency exchange, has launched a debit card in Mexico in cooperation with MasterCard. After the exchange launched the card for a group of customers in November to obtain feedback, it carried out progressive promotion for more than 100000 users who applied for the card in Mexico.
Bitso and MasterCard launched debit cards in Mexico
Interpretation of the news:
Bitso, the leading cryptocurrency exchange in Latin America, has launched a debit card in collaboration with global payment processing giant, MasterCard. The move by Bitso is aimed at attracting more users into the cryptocurrency ecosystem and making it easier for them to access their funds. The exchange initially launched the debit card for a group of customers in November 2020 to obtain feedback on the card’s performance and usability.
Following successful feedback, Bitso rolled out a progressive promotional campaign for the card, which saw over 100,000 users in Mexico apply for the card. The Bitso debit card allows users to spend cryptocurrency balance in their accounts by simply swiping the card at any point of sale terminal that accepts MasterCard. Users can spend their cryptocurrencies at millions of outlets globally, without the need to convert them to fiat.
The partnership between Bitso and MasterCard is a significant step towards making cryptocurrency usage mainstream, especially considering the large user base of MasterCard. By incorporating cryptocurrency into the MasterCard payment network, users can now spend their cryptocurrencies directly, facilitating easy and quick transactions. Additionally, the Bitso debit card is accompanied by a mobile app that enables users to manage their cryptocurrency assets easily, transfer funds, and monitor their transactions.
Secondly, launching the debit card in Mexico, Bitso is tapping into one of its major markets. Mexico is currently one of the most significant cryptocurrency markets in Latin America, with an estimated 11% of the population owning cryptocurrencies. This move, therefore, presents an excellent opportunity for Bitso to expand its market share and lead the pack in cryptocurrency usage in the region.
In conclusion, Bitso’s partnership with MasterCard to launch the debit card in Mexico is a significant development that brings cryptocurrency usage closer to the mainstream. The move will also help increase the adoption of cryptocurrencies in Latin America, improving financial inclusivity, and simplifying the process of using cryptocurrencies. The Bitso debit card launch emphasizes the growing partnership between traditional financial institutions and cryptocurrency exchanges, which could be a massive boost to the cryptocurrency industry, making it more accessible for all.
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